The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced extensive new sanctions on Iran, focusing on its shadow fleet operations. This includes 29 ships and multiple shipping companies linked to the transport of Iranian oil through misleading methods.

This action also includes sanctions against Egyptian businessman Hatem Elsaid Farid Ibrahim Sakr and several companies based in the UAE. It's part of an ongoing effort to cut off the funds that support Iran's military and nuclear programs.

"As President Trump has consistently stated, the U.S. will not permit Iran to develop a nuclear weapon," said John K. Hurley, Treasury Under Secretary for Terrorism and Financial Intelligence. "The Treasury will keep working to limit the income Iran relies on to finance its military and weapon developments."

Since President Trump took office, more than 180 vessels have been sanctioned for transporting Iranian oil and related products, aiming to increase costs for Iranian oil exporters and decrease their income per barrel.

The identified vessels are involved in transporting various Iranian oil products such as crude oil, fuel oil, bitumen, naphtha, and condensate. The companies operating these ships are located in various jurisdictions and mainly exist to manage their fleets.

Among the businesses sanctioned, UAE-based Phoenix Ship Management FZE operates four ships: the Palau-flagged NEBULA DRIFT and AETHER SAIL, and the Panama-flagged TIDAL RHYTHM and VOYAGER HAVEN, which have carried hundreds of thousands of barrels of Iranian oil in 2025.

Also targeted is Hatem Elsaid Farid Ibrahim Sakr, who runs multiple companies from the UAE that transport large volumes of Iranian oil in the Persian Gulf. His company, Red Sea Ship Management LLC, manages three Palau-flagged tankers that have carried Iranian oil products such as naphtha, bitumen, and fuel oil.

One of Sakr's ships, the SKYLIGHT, was obtained in June 2023 and was quickly used for transferring Iranian condensate in collaboration with Sahara Thunder, a front company linked to Iran's Ministry of Defense and Armed Forces Logistics.

The sanctions also affect UAE-based Qatrat Alnada Almasi Ship Management L.L.C., which has taken over several vessels from Sakr's companies. Four of Qatrat Alnada's ships have transported Iranian oil and visited ports controlled by Houthi forces in Yemen.

This move is under Executive Order 13902, which targets Iran's oil and petrochemical sectors, continuing the sanctions campaign in line with National Security Presidential Memorandum 2 to apply maximum economic pressure on Iran.

Due to these designations, any property or interests belonging to the sanctioned entities that are in the U.S. or controlled by U.S. persons are blocked. OFAC regulations typically prevent U.S. persons or transactions in the U.S. from involving any property or interests of blocked individuals.

This announcement follows a significant expansion of sanctions against Iran's oil export structure last month, which targeted numerous companies, individuals, and vessels involved in funding the Iranian military through illegal oil sales.

The sanctions come as Iran's military increasingly relies on oil revenue to restore its forces after what the Treasury referred to as the "12-Day War with Israel."

"Today's action is part of the Treasury's ongoing efforts to stop funding for Iran's nuclear weapon development and its support for terrorist groups," stated Treasury Secretary Scott Bessent. "Disrupting Iran's funding is essential to curbing its nuclear goals."

The comprehensive strategy targets various layers of Iran's oil export system, from ship operators and charterers to buyers and financial intermediaries, with the Trump Administration having sanctioned over 170 vessels involved in shipping Iranian oil products.